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The Wire Feb. 18, 2022
General Atlantic eyes inefficiencies in healthcare; and Palladium hires trio to invest in lower middle market Happy Friday, Hubsters. MK Flynn here, with today’s Wire.
With all that’s going on in the world - the threat of Russia invading Ukraine, steep losses in yesterday’s stock market and more concerns about rising inflation - the private equity business feels like a relatively safe haven this morning.
Spotlight on healthcare. Here at PE Hub, we’ve been focusing on the healthcare sector. Earlier in the week, we launched a new series, profiling PE firms investing in healthcare and featuring conversations with investors.
Earlier this morning, we published Aaron’s look at General Atlantic’s healthcare strategy. “Healthcare is 20 percent of the economy, and we believe it is economically resilient, hyper-fragmented and behind in tech adoption,” said Robb Vorhoff, managing director and global head of healthcare.
And in case you missed it, check out Aaron’s previous story on Silversmith Capital Partners, featuring his conversation with Jeff Crisan, co-founder and managing partner.
In this week’s people moves…
Comings and goings. Suzanne Donohoe, who led the creation and growth of KKR’s client and partner group, has decided to leave the firm, according to an internal memo seen by Buyouts and reported by Chris.
Meanwhile, Katherine Lehman, Edwin Moss and David MacDonald have joined Palladium Equity Partners, known as the oldest minority-owned private equity buyout firm in the industry with over $3 billion of assets under management.
And, Jonathan Belair, a one-time OMERS Private Equity executive, set up his own PE shop with a focus on disruption in the food industry, Buyouts has learned.
If you’re looking for some weekend reading, check out my series of Q&As with private equity luminaries, including:
*Pam Hendrickson, vice-chairman of The Riverside Company *David Grain, founder and CEO of Grain Management *Beatrice Mitchell, co-founder and managing director of Sperry, Mitchell & Co.
Long weekend. We’re off on Monday for President’s Day so, but we’ll be back on the Wire Tuesday morning. I hope you have a nice weekend, whether you’re hitting the slopes or curling up with a good book and a hot cup of cocoa.
Cheers, MK
Read the full wire commentary on PE Hub ...
Also of note (may require subscriptions) Private equity is buying up America’s newspapers. Nationwide the share of newspapers owned by private equity increased from 5 percent to 23 percent between 2001 and 2019. (The Economist)
VC-backed companies grew jobs much quicker than other businesses, a report from the National Venture Capital Association (NVCA) said, underscoring the impact of VC on the economy. (Venture Capital Journal)
John Wilson, the founder Hyannis Port Capital, who paid more than $1.2 million to secure the admission of his three children to elite universities as purported athletic recruits was sentenced on Wednesday to 15 months in prison, the longest sentence yet in the nationwide college admissions bribery case, prosecutors said. A lawyer for Wilson said he would appeal. (The New York Times)
Novalpina Capital, the private equity firm behind Israeli spyware maker NSO Group, held talks to buy a landmine clearance company that works for Saudi Arabia in Yemen — a divisive deal that contributed to the group’s unravelling. (Financial Times)
PE Deals
They said it “Healthcare is 20 percent of the economy, and we believe it is economically resilient, hyper-fragmented and behind in tech adoption. And increasingly, people want to be involved in something that has a real impact and changing the world for the better. All of that makes healthcare very attractive for the investment community.” — Robb Vorhoff, managing director and global head of healthcare, General Atlantic
Today's letter was prepared by MK Flynn Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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